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July 10, 2001
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Money > Business Headlines > Report July 10, 2001 |
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Alpic, Allianz wash dirty linen in publicYashajit Saha Alpic Finance Ltd and Allianz are fighting it out on the status of their two joint ventures --- Allianz Alpic Finance Corporation and Allianz Alpic Industrial Risk Management. AFL is emphatic that the joint ventures are still on but Allianz claims that the termination agreement was signed as early as November 2000. What more, both the companies claim that they have documentary evidences to prove their points. Ravi Kumar, managing director of AFL, said that the two proposed insurance joint ventures -- Allianz Alpic Life Insurance Co and Allianz Alpic General Insurance Co -- were terminated last year but the other two ventures between them still exist. Alpic earlier had said that they are starting insurance premium funding business through Allianz Alpic Finance Corporation by the end of this month. Sam Ghosh, Indian representative of Allianz, however, said, "We had to terminate our insurance venture -- planned to be a 50:50 joint venture -- as Insurance Regulatory Development Authority does not permit a equally shared JV between a foreign and domestic company for insurance business. Along with this, we have terminated all our relationship with AFL." "We neither have any intention of getting into any further relationship with Alpic at this point of time," Ghosh added. Kumar, however, claimed that Ghosh is a member of the board of Allianz Alpic Finance Corporation, which has got the permission from the Reserve Bank of India to operate as a loan company. "The company has not done any business so far, but is likely to start its operation shortly. If Allianz wants to pull out of the company, it is welcome to do so, but it should not say that we are already divorced," Kumar said. Ghosh agreed that he is one of the board members of the Allianz Alpic Finance Corporation but said that liquidation procedure is on for this company along with their risk management venture. Powered by YOU MAY ALSO WANT TO READ:
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